The increased pace of economic activity following the relaxation of pandemic-related restrictions in several countries points to an earlier than anticipated global recovery, especially in Asia. In this context, EM valuations remain well below average across the board, and we project both local currency underperformance and high levels of correlation to give way to a recovery and differentiation based on country specific reopening speed and disease control going forward, with potential for alpha in addition to the broader expected EM assets outperformance.

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